Auction numbers slide as market heads into autumn but sales rate steady

Property / news

Fewer properties on offer at the latest auctions with exactly a third selling under the hammer

8th Apr 23, 6:00am by Greg Ninness

Image of real estate agent with For Sale sign

There was a sharp drop in the number of properties offered at the latest auctions monitored by interest.co.nz.

Interest.co.nz monitored 218 residential property auctions in the six days from 1-6 April, down from 294 the previous week.

The decline was not unexpected with March usually being the busiest month of the year for real estate activity, after which the market shifts down a gear as it moves into autumn.

The fact it was a short week leading to the Easter break would also have affected activity in the auction rooms.

However while the number of properties on offer declined, the sales rate was unchanged from the previous week, with exactly a third of the properties on offer selling under the hammer.

Prices were a bit firmer, with 39% of the properties that sold selling for prices that were greater than or equal to their rating valuations, compared to 29% the previous week.

However results varied by district and the table below gives the district-by-district results from around the country.

Details of the individual properties offered at all of the auctions monitored by interest.co.nz, including the prices of those that sold, are available on our Residential Auction Results page.

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30 Comments

by IT GUY | 8th Apr 23, 7:41am 1680896487

Going to be a messy winter with unsold stock piling up

by Frank Sobotka | 8th Apr 23, 3:01pm 1680922909

Auctions are dead - almost all around here passing in without a bid and even the normally bullish agents having to move to negotiation

by OldSkoolEconomics | 8th Apr 23, 7:22pm 1680938567

Yip. House price falls are accelerating. Few people can afford to buy.

Builders are struggling now with many facing cancelled projects .. and finding very few new ones.

RE agents and mortgage brokers are starting to find the going tough.

Expect to see a lot of businesses in trouble over winter.

by HW2 | 8th Apr 23, 8:09am 1680898196

Its going to be an interesting political and economic 6 months ahead.

by Peter M | 8th Apr 23, 12:42pm 1680914535

Mark my words: Labour will propose interest rate deductability for everybody (owners occupiers and investors) as their major card for the elections. Just like some countries in the EU.

by HGWR | 8th Apr 23, 4:24pm 1680927871

This is a foul idea, a handout to the haves, funded as usual by the downtrodden assetless class.

Luckily I don't think it will happen, even Labour are capable of realising that would be very inflationary.

by nguturoa | 8th Apr 23, 8:12am 1680898358

Number of properties for sale on trademe in Waikato getting close to 5000. Will pass 5000 mark this month I guess.

It was less than 1100 on average in any week during the FOMO days of 2021/2022.

How is the getting rich quick scheme working out?

by HW2 | 8th Apr 23, 8:20am 1680898837

Massive area north to south, west to east.

by Shaft | 8th Apr 23, 8:23am 1680898985

Going great if you sold at peak covid for a hugè profit and are just waiting.

by Frank Sobotka | 8th Apr 23, 3:05pm 1680923121

I wish the various kiwi “news” sites who reported on person X who bought 20 houses in a year, or person Y who owns 50 rentals and claims it’s all down to hard work (once mum and dad had seeded them their first properties) would do some follow ups.

how are those increased rates and ranking assets? Have they gone bust already? Have they had to sell to cover some losses?

by Shaft | 8th Apr 23, 8:26am 1680899184

Less properties going to auction due to agents selling by other less damaging/ failing methods.

by Averageman | 8th Apr 23, 8:43am 1680900220

People can't cash uplarge to spend elsewhere like they did during the panic driven stupidity of covid. Auction sales show that the abnormal period is well behind us and are really a waste of time. As is price by speculation....I mean negotation.

by JimmyJames | 8th Apr 23, 8:52am 1680900749

Shocking results. I don’t know what it’s going to take to clear the housing stock that is building up. Maybe the agents need more glamorous photos on their hoardings or possibly we need an old fashioned telethon (bring back Jason and thingee), the kids can run lemonade stands around the country to chip in towards buying some of these houses.

Or the sellers could just dramatically lower expectations.

by riffraff | 8th Apr 23, 9:35am 1680903314

The Government has again amended the CCCFA "explicitly excluding discretionary expenses from affordability testing" from the 4th of May 2023.

The Minister hopes the law change will help more potential buyers get into the housing market.

https://www.newshub.co.nz/home/new-zealand/2023/04/getting-finance-to-b…

by HouseMouse | 8th Apr 23, 9:59am 1680904753

Got to try and resuscitate the ponzi somehow. But it’s futile.

by Yvil | 8th Apr 23, 10:16am 1680905792

Are you contributing to Interest yet, HM?

by HouseMouse | 8th Apr 23, 10:30am 1680906644

Nope. Trolls need to be removed, and the articles need to be better. Most of the insightful stuff lies in the comments from a handful (4-5) of insightful commenters.

by Nifty1 | 8th Apr 23, 10:52am 1680907951

It's actually shocking you don't contribute at all HM...not even a few $?

by HouseMouse | 8th Apr 23, 10:56am 1680908180

I have outlined my position, and that’s my right. The general content is overall good-ish, the comments section can sometimes be insightful as well as full of garbage, but I have a big problem with the fact that certain trolls are tolerated. It brings the conversation down big time. And yet somehow other commenters get warned or removed for less. And some of them have been very good ones.

by Zachary Smith | 8th Apr 23, 11:23am 1680909834

Our hosts are politely requesting assistance to keep things going HouseMouse. $10 a month wouldn't even remotely give you the right to demand commenters be banned but I'm sure it would be appreciated.

by Shaft | 8th Apr 23, 12:13pm 1680912781

Mate, you need to grow a pair.

If they charged per comment you'd be broke!

Your a troll to me but I Ignore the trolls as dross.

In fact they are not troll they just comment on what they see/ believe.

The Troll excuse is crap .

Freedom of speech allows for a wide range of comments...and most enjoy the diversity...

by HW2 | 8th Apr 23, 5:00pm 1680930058

That is hilarious comment

by Nifty1 | 8th Apr 23, 1:26pm 1680917182

I don't understand HM why someone with your views, on the housing market in particular, would financially support NZHerald/Oneroof as opposed to interest.co.nz.. bizarre.

by printer8 | 8th Apr 23, 1:25pm 1680917114

Gee HouseMouse

A while back you stated you were on a $200,000 pa.

From my paye calculator, less tax and ACC, that’s just over $5,300 a fortnight - and you can’t even cough up $5.00 a fortnight to keep interest.co (which you spend an inordinate amount of time on) ensuring that it remains viable.

More so than anyone else - due to the amount of time and comments you make on interest - you would be most affected and the one with most to lose if it wasn’t to be viable.

Actually, for one on $200k it surprises me that you are able to focus and spend so much time of your day on interest.co.

However, enjoy your weekend - no doubt you have other activities where you don’t have to put your hand in your pocket for.

Cheers

by Yvil | 8th Apr 23, 6:00pm 1680933608

That's a really pathetic excuse HM.

Firstly it's really stingy on your part, especially given the amount of time you spend on Interest

Secondly it's really narrow minded not realising that people you call trolls, are simply people with different opinion to yours, and you could just as well be considered a troll yourself.

by HW2 | 8th Apr 23, 11:25am 1680909948

by HouseMouse | 8th Apr 23, 10:30am

Nope. Trolls need to be removed, and the articles need to be better. Most of the insightful stuff lies in the comments from a handful (4-5) of insightful commenters

Who would those 4-5 be, including yourself

Get rid of this pompous commenter denigrating almost all others as well as ridiculing the editors. Is it time to double check the rules

by albinodog | 8th Apr 23, 12:28pm 1680913703

Sometimes you come to tolerate the noise aka HW, HW2, Harvey W, Houseworks.

You get the ultrabulls and ultrabears, theres a spectrum in all online communities.

by HW2 | 8th Apr 23, 5:07pm 1680930433

Since house dislikes the majority of comments and articles, I have done him a favour and asked for his removal

by Slapheid | 8th Apr 23, 5:47pm 1680932864

I didn't realise being an Interest supporter bestowed gatekeeper privileges....

by Shaft | 8th Apr 23, 12:08pm 1680912498

30% of less auctions is not steady ..

It's a decline🙄